V W Work 9 V2!#ก4กW Jas: Strategist Team Kimeng

5 2554
Strategist Team KimEng

Mayuree Chowvikran, CISA
Analyst
662-6586300 x 1440
Padon Vannarat
Equity Analyst
662-6586300 x 1450
Chaiyachoke Suwisuttangkul
Economist
662-6586300 x 1540
Chatchai Jindarat
Analyst
662-6586300 x 1401
Twitter Channel
http://twitter.com/YipNgenYipTong

Test 1050+/-

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!#: KimEng %L Short ? S50U11 &:I 725 + +/- 5!"# 9

%L Long ? S50U11 &:I?
4 9
L!#L3 W Stop Loss: S50U11 < 720
+ % Long 9
% Short
Portfolio
HOLD: MINT/ BBL/ TCAP/IRPC/ BANPU/ PTT/ TOP/ PTTCH/ RCL/THAI

KSL/KBS/ STA/ JAS/ SAT/ AJ/ TRUE/ VNT/ TK/ SAMTEL/ ESSO/ TTCL/ PSL
Speculative Buy: JAS
Accumulative Buy: WORK
Technical View
9& 1060-1055 + 9
1040-1045 + -9 1075-1080 +
9
1100 +
1045 + 'I3
"4
Thailand Equity Research
5 2554
CONTENT
Inside Yip Ngen Yip Tong
1
2
3
4
5
6
7
8
9
10
11
Investment strategy
Fund flow analysis
NVDR Trading Data by Stock
Economic Issues by region
Interest Rate & CDS Movement
Securities Commodities Forex Movement
Economic calendar
Management Transaction
Stock Update
News Update & Analyst Quick Comments
Stock Calendar
Page
3
5
7
8
11
13
16
17
18
19
20
2
www.kimeng.co.th
5 2554
Action and Stock of the Day

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3
www.kimeng.co.th
5 2554

4 9 V W 4-#
1. WORK : % 14.60 & 19.50 &
a. KELIVE )#8s? 1H54 @ 0.50 !. )8G? !0.(#8s? 3.4%
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b. ,T@.+ O 8 (%.. 6Q #* 0 % * , A+ # *8 ! %,# *
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What will DJIA move tonight?
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4
www.kimeng.co.th
5 2554
Fund Flow Analysis

Fund Flow in Emerging Markets

+45' 3)
65
,7' 5
8 US$400
1+2&)
65 US$1578

5
(US$ )
2553
(US$ )
-258.0
404.6
-7,590.7
9577
KOSPI
-88.4
1,016.0
-4,283.4
19657
JSE
Closed
Closed
1,699.7
2345
PSE
0.8
9.3
554.2
1232
-1.0
-1.0
144.1
617
-53.3
149.4
-457.6
1919
Short-Selling
Stock
Foreign Investors Action

+452&)
65
& 3
A
3
YTD 2554
(US$ )
TAIEX
*
SET INDEX
*+ 584 '
1+ 1,068 '

(US$ )
Total Value
% of trading
Avg.Price
(mn Bt)
Volume
(Bt)
PTTCH
114.23
12.7%
134.34
PTTEP
83.52
6.1%
168.50
IVL
71.13
15.2%
38.29
TOP
64.51
15.6%
67.07
SCC
59.85
6.8%
331.19

( !.)
SET50 Futures ()
SSF ()
5 ( !.)
5

-1,596
+4,480
-596
+732
-14
+13
+4,412
+777
*A+)*+#885OT@,#%@.,>5*)5# 0 @ SET Index ,!,>5*#

% .M #.#88+*.,.MM/#5)5# %*A+6Q,.O8
/.G0! 4 .M 1,596 !. ( 3 .M-A5.O8 5,687
!. 0 @ YTD ,.O8 15,962 !. :*! !* Short .O8 SET50 Futures G0
! 7 .M 596 .!! 6 .M Long .O8 4,951 0* S50U11
F+M SET50 Index A! 6 (S* *A+9: #./*( ) #. *5.F
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0 @ #. *5-A5.O8 5G.+ 5 4,412 !. * 5 .M-A5.O8
19,395 !.
NVDR ' 3)
65,7 -A5,? NVDR *A+6Q.+?* ,.O8 109 !. ( 3 .M-A5
' 4
8 ,+ D5 .O8 4,736 !. 9:*/#/5

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1. *O)#)#-A5.O8'#G.+ 3 188 !. (-A5.O8 1,731
!. ** *#8*.:Q -A5.O8 174 !. (-A5.O8 296
,G
F7G

!. 0 @ *: ## -A5.O8 118 !. (-A5.O8 364 !.
2. ,T@.+ *#&',.O8'# 395 !. ** *) ,.O8 274
! 0 @ *F%)* ,.O8 132 !.
2!# :,4
,
- :
% ,
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,
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% ,
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(
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3
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(
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3
BBL
BAY
KTB
BANPU
STEC
174.27
18.15
SCC
-430.16
29.69
68.48
63.49
59.83
46.01
53.13
10.93
5.19
26.27
CPALL
PTTCH
TCAP
HMPRO
-224.77
-152.76
-73.19
-46.23
13.26
10.17
25.77
16.14
5
www.kimeng.co.th
5 2554
Foreign Brokers and Top Retail Brokers Position
Net Position (mnTHB)
11,000
Yesterday
-11,000
1 Week
1 Month
ASP
BLS
KS
CLSA
CS
DBSV
JPM
KGI
KEST
PHATRA
SCBS
MACQ
UBS
Yesterday
193
92
314
71
-790
38
-128
138
269
-794
-69
120
-185
TOTAL
-730
1 Week
-629
-705
534
-686
2,145
-1,356
1,018
-602
-197
498
-330
1,219
981
1,891
1 Month
924
-1,095
1,894
-1,581
-3,881
-2,691
3,030
-299
1,604
356
2,158
-4,435
-2,663
-6,678
Source: SET SMART
Regional Foreign Fund Flow
(mnUS$)
1,500
-3,500
-8,500
Indonesia
Philippines
South Korea
Taiwan
Thailand
Yesterday
147.36
-54.87
0.82
-88.42
-257.98
-53.36
-1.01
WTD Net
253.18
India*
-236.34
4.83
1171.28
473.24
75.43
Vietnam
-1.79
YTD Net
53.96
1699.74
554.15
-4283.40
-7590.74
-510.96
144.12
Source: Bloomberg
*India: Net foreign fund flow updated as of 30 Aug 11.
Yesterday
WORLD EQUITY MARKET MOVEMENT

Stock Market
DJIA
Closed
% DoD
% WTD
% YTD
INDEX
Closed
% DoD
% WTD
% YTD
SET INDEX
1,065.18
-0.4
0.0
3.1
742.30
-0.5
0.0
3.1
20,804.40
-1.2
0.0
-3.0
BANK
403.97
-0.4
0.0
3.3
111.09
1.8
0.0
30.6
159.03
-0.0
0.0
9.3
8,127.84
-1.4
0.0
-4.3
-2.2
0.0
-2.9
8,950.74
-1.2
0.0
-12.5
SET50 INDEX
20,212.91
-1.8
0.0
-12.3
ENERGY
KOSPI
1,867.75
-0.7
0.0
-8.9
SHANGHAI COMP
2,528.28
-1.1
0.0
-10.0
ICT
TAIEX
7,757.06
-0.0
0.0
-13.5
PROPERTY
16,821.46
0.9
0.0
-18.0
CONMAT
JAKARTA COMP
3,841.73
-0.1
0.0
3.7
TRANSPORT
PSE
4,392.91
0.6
0.0
4.6
COMMERCE
HO CHI MINH INDEX
435.29
2.5
0.0
-10.2
MSCI AP EX JAPAN
435.18
-1.1
0.0
-9.1
HSKI
BSE SENSEX
Source: Bloomberg
YTD Net
THAI STOCK MARKET MOVEMENT
11,240.26
NIKKEI
WTD Net
93.33
1.2
0.0
-18.9
16,070.44
-0.5
0.0
36.0
MEDIA
55.06
-0.4
0.0
19.3
PETRO
1,058.27
-1.6
0.0
-21.7
Note: Updated @ 7.30 a.m.
6
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5 2554
NVDR Trading Data by Stock

(As of 02/09/11)
Top 20 Net BUY
Top 20 Net SELL

Value (Btmn)
Buy
BBL
BAY
KTB
BANPU
STEC
BEC
AOT
DTAC
LPN
PS
MCOT
ADVANC
MAJOR
PTTEP
SCCC
BIGC
TRUE
SPALI
TICON
TOP
245.79
135.54
67.90
71.41
46.20
38.02
39.72
62.25
59.99
32.12
35.97
25.32
33.24
31.35
21.20
30.37
19.06
18.55
25.63
18.07
Sell
71.52
67.06
4.41
11.59
0.19
0.03
3.95
26.84
29.52
1.73
10.84
1.42
11.14
9.68
0.23
11.30
1.05
0.56
7.80
0.47
Total
317.31
202.60
72.31
83.00
46.39
38.05
43.66
89.09
89.51
33.86
46.81
26.74
44.38
41.03
21.43
41.67
20.11
19.11
33.43
18.54
Value (Btmn)
Net
174.27
68.48
63.49
59.83
46.01
37.99
35.77
35.40
30.46
30.39
25.13
23.90
22.10
21.67
20.96
19.07
18.02
17.99
17.83
17.60
Buy
SCC
CPALL
PTTCH
TCAP
HMPRO
SCB
CPF
TISCO
MAKRO
GLOBAL
ASP
AEONTS
CPN
TTA
THAI
AI
PLE
CENTEL
TUF
SVI
49.64
9.50
15.01
8.34
1.21
15.44
1.67
21.16
0.48
4.44
0.02
0.81
3.42
1.70
0.01
0.18
2.95
21.04
8.85
Sell
479.80
234.27
167.77
81.53
47.44
55.76
37.64
43.42
14.85
16.64
9.63
6.32
7.03
8.70
6.73
3.64
3.58
4.90
22.90
10.68
Total
529.44
243.77
182.78
89.87
48.64
71.20
39.31
64.58
15.33
21.08
9.65
6.32
7.84
12.12
8.42
3.64
3.76
7.85
43.94
19.53
Net
-430.16
-224.77
-152.76
-73.19
-46.23
-40.32
-35.97
-22.26
-14.36
-12.20
-9.61
-6.32
-6.22
-5.27
-5.03
-3.63
-3.41
-1.94
-1.86
-1.83
Top 20 Most Active

Buy
SCC
BBL
CPALL
BAY
PTTCH
KBANK
TCAP
LPN
DTAC
PTT
BANPU
KTB
SCB
TISCO
HMPRO
MCOT
STEC
MAJOR
TUF
AOT
49.64
245.79
9.50
135.54
15.01
69.51
8.34
59.99
62.25
43.67
71.41
67.90
15.44
21.16
1.21
35.97
46.20
33.24
21.04
39.72
Value (Btmn)
Sell
Total
479.80
71.52
234.27
67.06
167.77
52.21
81.53
29.52
26.84
40.40
11.59
4.41
55.76
43.42
47.44
10.84
0.19
11.14
22.90
3.95
529.44
317.31
243.77
202.60
182.78
121.72
89.87
89.51
89.09
84.07
83.00
72.31
71.20
64.58
48.64
46.81
46.39
44.38
43.94
43.66
Net
-430.16
174.27
-224.77
68.48
-152.76
17.29
-73.19
30.46
35.40
3.27
59.83
63.49
-40.32
-22.26
-46.23
25.13
46.01
22.10
-1.86
35.77
7
www.kimeng.co.th
5 2554
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Source: Bloomberg
6h,h
:!# .. 3#4#,-43H: %:8+*,>5( 5.9% yoy '@! 6.1% yoy .!.+
) M%.: ##.+:8+*,>5&># 11.9% yoy .!!A.+ +10.7% yoy 0 @

.8),5 # &Q )A+#(0 @ S:8+*,>5 6.3% yoy ,# !#5&>#0#
.?'? 8'.+.#@!'#0 @(#? 9@#8 M!&/
6 PMI F-#43#4#4KGL::"?#& 8 !#: ! #( 53.5 ( '@!
52.6 ( A .). *(#)Q-A5!.+-!- 0 @? :#(!
#!@*T(,#"! #7 #? #)Q%*#7@ A+#
EU : Producer Prices (% YoY)
Source: Bloomberg
UK : PMI Construction
Source: Bloomberg
9
www.kimeng.co.th
5 2554
+

L?++>54 5% ?: State Information Center Research @*8
&Q(d5(@%@# 3-5% .5 #*@-A5&Q85 #d 2553 .M
,&Q%&># 32% #? ,&Qd5(@'.+ 19 ) %, 3Q54
(@ 2Q54 %z:@A..0 @.). ->+#G' .5#5 ,&Q 7M54 8!% 3.2%
+
: #L"6!#5
:4h
:>h,h
:3#4+: &Q.+(@
#/! 3,000 (@#5M*/*8 6.3 8/ 100 *. (s((! 6.9 8/ 100
*..5#5.#(@8+*%!# Si 5
6 PMI F&:!# .. 3#4+&
4: '@! 57.6 ( (A .). .+'.+ 29.6%
#O) #!,>5!5%!A+#0 @)!)* 8A+
#?
67"8(8+*@ #
#692:%
Jun Azumi ' .

4? -3#4": &AG*.) # M!.+ 8 !5#0d 2551 ->+#(@*.M
.+0. Noda ->+#,M#M0#"* .5#5 Azumi (@*#'0 )#8#
8 :@*? @.!9)

-
10
www.kimeng.co.th
5 2554

!"#3#4##& 9
CDS "
##& LIBOR3M

4#4
G,)5
3A7
A6'GG A )
M(51)(L
1.
2.
LIBOR 3M = F.+ 0.3306% # 0.40bps (:8+*,>5 0.22bps

HIBOR 3M = F.+ 0.2786% #G.+ 3 0.07bps ( # 0.04bps
Ted Spread

4'" 3:
5 Ted Spread F.+ 0.3153% # 0.07bps (

# 0.04bps #.+ LIBOR3M # ? !0.(:O!"! "1
3 A:8+*,>5 0.73bps 0*#8.(@/ ( 0 @8)%9)9TQ #)A6QS
* 0 #. A.+(@M#8,::O!@@ :A+F)*+#67"8("1 .+
##/*
LIBOR Rate: 3M
US TED Spread
0.80
0.60
0.70
0.50
0.60
0.40
(%)
(%)
0.50
0.40
0.30
0.30
0.20
0.20
0.10
14-Jul-11
25-Aug-11
23-Jun-11
04-Aug-11
21-Apr-11
02-Jun-11
31-Mar-11
12-May-11
27-Jan-11
10-Mar-11
06-Jan-11
17-Feb-11
16-Dec-10
14-Oct-10
25-Nov-10
04-Nov-10
23-Sep-10
22-Jul-10
02-Sep-10
01-Jul-10
12-Aug-10
29-Apr-10
10-Jun-10
08-Apr-10
20-May-10
18-Mar-10
14-Jan-10
25-Feb-10
04-Feb-10
22-Dec-09
20-Oct-09
01-Dec-09
10-Nov-09
29-Sep-09
08-Sep-09
4-Aug-11
25-Aug-11
2-Jun-11
14-Jul-11
23-Jun-11
21-Apr-11
31-Mar-11
12-May-11
10-Mar-11
6-Jan-11
27-Jan-11
17-Feb-11
4-Nov-10
16-Dec-10
25-Nov-10
2-Sep-10
14-Oct-10
23-Sep-10
1-Jul-10
22-Jul-10
12-Aug-10
10-Jun-10
8-Apr-10
29-Apr-10
20-May-10
4-Feb-10
18-Mar-10
25-Feb-10
1-Dec-09
14-Jan-10
22-Dec-09
10-Nov-09
8-Sep-09
20-Oct-09
29-Sep-09
0.10
Source: Bloomberg
R',
A6'('
'
7',' 1 + T 1 1
3'7 + 3KG

+45
2& )
65 +
5 8.6
A'
Term
1 Month
3 Month
6 Month
3 Year
5 Year
7 Year
10 Year
Yield
3.36708
3.42458
3.48508
3.39042
3.40871
3.46780
3.53973
Change (bps)
+0.51
+0.17
-0.33
-1.23
-0.16
-0.33
-0.60

5 &?$: ? !0.:O!"! /.!!0)! A+#(/**s((
*5M #. ,T@.+ #.#8-A5.O8A+#G.+ 5 8,649 !. .!!
.+ +777 !. .M&@-A5.O8 YTD :8+*,>5'@! 6.74 0 !.
Thailand : Government Bond Yield Curve
Source: ThaiBMA
Thai Baht Implied Interest Rate Movement
Term
01/09/11
2 Day
3.34
1 Week
3.29
1 Month
3.23
2 Month
3.23
3 Month
3.2
6 Month
3.25
9 Month
3.29
12 Month
3.45
Source: BOT
31/08/11
3.29
3.3
3.27
3.33
3.28
3.28
3.34
3.48
30/08/11
3.2
3.23
3.22
3.35
3.28
3.32
3.39
3.49
29/08/11
3.33
3.33
3.28
3.37
3.31
3.29
3.3
3.46
26/08/11
3.33
3.28
3.25
3.32
3.3
3.28
3.37
3.48
25/08/11
3.35
3.38
3.4
3.32
3.33
3.31
3.37
3.52
11
www.kimeng.co.th
5 2554
)
EA5 3I&
&1TQ
&L 7E ,GF17
)(L +HUV ) )
E

"43#4$5:" 3H'9?#& 5 : CDS Spread ,#@.6/.

5 d F.+ 139.88bps (.+ 132.35bps 0 @ CDS Spread 5 d ,#(:8+*,>5
5F.+ 115.35bps ( 107.09bps
Thailand : CDS Spread 5Yr Bond
)G
)7
A5 3I&
4+
Source: Bloomberg
))(L A5 3I& F

1 +HUV
CDS Spread 3#478 5:"
3H'" 3: CDS Spread 5 d,#"1 F.+ 52.08bps

( 51.37bps # ,(##9)7/* +0 # #0#
9:*67"8("1 *8+#,>5
USA : CDS Spread 5Yr Bond
Source: Bloomberg
12
www.kimeng.co.th
5 2554
F
}
"
E1)', 31
-4$:
FM ).. +
DJIA &
494 : %(Q! # 253.31 ( A -2.20% F.+ 11,240.26 ( !
,1 .. ,G FHFA
#G.+ 2 8 0 @ #0# # #.?8# ,(##9)7,#"A
HY 6 , +
.)..+/**(##:8+*,>5 *A+.!!A .). 0 @#,*)TQ,# .+:8+*,>5 7.5
GDKFA3)5
A7)QQ
*A+ M0# 0 @G)5#0! 11 A.+(##9)7,#"/**,
18J*'5'
,T@.+ ##.#.+ 9.1% #? #.., :@)*# )*0,#
0##(@#? @.!8# !67"8(" ,T@.+ *O) # 0!#)Q*
8 -8%, % Q0* 0-)Q -4.6%, *Q0 0 Q 0 @(:*Q0 -4% #M#!8.#
#8:A+.+'6,#"! #" (FHFA) *##O) 0# #!8!A
)T9:,#8.:Q(M#.+M*,#8d 2551 .+?* % VIX Index :8+*,>5
6.6% G 33.9 (

4
&354:?5 &78 #-49-: # ,(##
9)7A .).,#"1 /*,(A 0 @0)TQ,#
),#* #)*# 0%*,,#67"8("1 (5 *)TQ
(*,-A5:O!@@0 @ &A)#:O!@@5
:A+
!,,#67"8("1 @@@* FOMC )5#&/ #?
? !0.:O! 10 d #0#G.+ 2 14.5bps F.+@! 1.986% (.+
-9.3bps ,T@.+? !0.:O!"1 2 d !*:8+*,>5 1.6bps F.+@! 0.196%
VIX Index
Fed Fund Rate Futures

70%
90
63.20%
64.90%
63.20%
64.20%
0.00%
80
0.25%
0.50%
0.75%
60%
70
50%
50
(Probability)
(VIX Index)
60
40
30
40%
35.10%
35.10%
34.40%
34.70%
30%
20
20%
10
09/09/2008
24/09/2008
09/10/2008
24/10/2008
08/11/2008
23/11/2008
08/12/2008
23/12/2008
07/01/2009
22/01/2009
06/02/2009
21/02/2009
08/03/2009
23/03/2009
07/04/2009
22/04/2009
07/05/2009
22/05/2009
06/06/2009
21/06/2009
06/07/2009
21/07/2009
05/08/2009
20/08/2009
04/09/2009
19/09/2009
04/10/2009
19/10/2009
03/11/2009
18/11/2009
03/12/2009
18/12/2009
02/01/2010
17/01/2010
01/02/2010
16/02/2010
03/03/2010
18/03/2010
02/04/2010
17/04/2010
02/05/2010
17/05/2010
01/06/2010
16/06/2010
01/07/2010
16/07/2010
31/07/2010
15/08/2010
30/08/2010
14/09/2010
29/09/2010
14/10/2010
29/10/2010
13/11/2010
28/11/2010
13/12/2010
28/12/2010
12/01/2011
27/01/2011
11/02/2011
26/02/2011
13/03/2011
28/03/2011
12/04/2011
27/04/2011
12/05/2011
27/05/2011
11/06/2011
26/06/2011
11/07/2011
26/07/2011
10/08/2011
25/08/2011
10%
1.70%
0.00%
Aug 29
Source: Bloomberg
1.70%
0.00%
0.70%
0.00%
1.10%
0.00%
0%
Aug 30
Sep 1
Sep 2
Source: Bloomberg

?$
SET Index '
2 5+
A *+2&3'' 1
4 G
A 3
M(51)(L
SET+MAI
Latest
Prior date
YTD
Institute
Prop
-941.09
-255.49
1,226.30
-1,313.11
-23,765.89
696.19
Foreigner
-1,593.71
4,444.34
-16,233.31
Retail
2,790.29
-4,357.53
39,303.01
SET
INDEX &'" 2 :-#: *' )-A5,!!#A+#(G.M

.,#Q 0 @ #.'# ,67"8(,#"1 (>#@ #.:A+
)*+#.+((@8,>5 #? ) A+/!0)! :*!*0#,.MM/*G
@@ ! #*F.+@! 1,065.18 ( # 3.95 ( A -0.4% *' )-A5,!
!#.+@! 2.27 *A+ !.

4-46:3 :'9?#& 4 : )8G*' ) 1.6 : !. (
.+-A5.O8)8G*' ) 4.4 : !. #? *' ) YTD G,.O8:8+*,>5G 1.62 *A+ !.

4L&?$3 :'9?#& 8 : )8G*' ) 941 !. (
.+-A5.O8)8G*' ) 1.2 : !. #? *' ) YTD G,.O8:8+*,>5G 2.38 *A+
!. #.!87. .:Q(Prop Trade) ,.O8G.+ 2 8)8G*' ) 255 !.

-
&
4
#: M% *F%)* -1.6%, PTTCH -2.2%, TPC -1.8%, IVL 1.3% *: ## -1.2%, PTTEP -3.8%, PTTAR -1.5%, PTT -0.6% *) -0.5%, GLOBAL 2.6%, CPALL -1.5% ,T@.+ * ICT +1.8%, THCOM +4.9%, DTAC +3.7%, JAS +3.5% *
,# +1.2%, PSL +2.9%, THAI +2%, AOT +1.6%, TTA +1%
9

4-46:
& Short :'9?#& 7 : 0*(@G:# 596
.!! 6 .M Long .O8 4,751 S* .5# #. *5 !*,
.O8 0! 4 .M *@.***# Upside Gain ,# /.(M
*8+#,>5 0#,.MM/ :A+ Lock-in-Profit #5i S*,>5
13
www.kimeng.co.th
5 2554
Foreign Net Position in TFEX

850
1 50 ,0 00
810
1 1 6 ,1 4 7
1 00 ,0 00
730
2 ,7 9 0
-50 ,0 00
2552
2553
2 55 4
-16, 233
1Q 54
-37 ,02 7
2Q 5 4
-71 1
3 Q 54
-1,5 94
S ep 2
-14 ,0 92
-6 5,5 16
-1 00 ,0 00
690
Ins titution s
P ro p T rad e
Foreign
12,000
8,000
4,000
610
570
-4,000
530
-8,000
490
-12,000
450
-16,000
R etail
-2 00 ,0 00
Source: SET SMART
16,000
7,267
650
-1 50 ,0 00
- 162 ,3 57
20,000
29-Jan-10
26-Feb-10
31-M ar-10
30-A pr-10
31-M ay-10
30-Jun-10
30-Jul-10
31-A ug-10
30-S ep-10
29-O ct-10
30-N ov-10
30-D ec-10
31-Jan-11
28-Feb-11
31-M ar-11
29-A pr-11
31-M ay-11
30-Jun-11
29-Jul-11
31-A ug-11
1-S ep-11
2-S ep-11
Y TD
(mn THB)
3 8,0 13
(SE T50)
3 9 ,3 0 3
2 5 51
24,000
SET50
770
8 1, 41 5
50 ,0 00
Monthly Acc. Positions
(no.of contracts)
Customer Type Breakdown in SET&MAI
Source: TFEX
F:>FFIO
&8 5'', 3
1 FM3) (
,++ ,G5
3)*+
8 & )+ R7

8
'3I&,
BDI '3I&,
3 5+ ,G
_YA5 3I&
6 5+

:& NYMEX &

494 : )5M*8! NYMEX #*!A .). 2554 F.+
US$86.45/barrel # -2.79% dod A US$2.48/barrel (.+ US$88.93/barrel 0 @
#5 A US$85.86/barrel s((M).+*? @.!/0
1. ,(##9)7A .)./* +0 #(A .). 0 @+M),#
.+(@:8+*,>5 7.5 *A+M0# 0 @G)5#0! 11 A.+ ,(##/**,
2. 9)? 8,#'%%-# # A 49 ( 0 @G@!+M! 2 d (A .)..+
50.4 (
#4 COMEX &3H94 : ).#)M COMEX #*!A O.).2554 F.+
US$1,876.90/ounce
:8+ * ,>5 +2.6% dod A US$47.80/ounce ( .+
US$1,826.30/ounce !,>50# # ,(##9)7,#"*+M)
#? #8./ ,' Safe Haven #A+#:A+:#8
BDI &3H94" 3 :-# : F.+ 1,740 ( :8+*,>5 58 ( (.+ 1,682 (
4
Future &
4" 2 :-# : )# + F.+ 359.50 /
8% * -0.50% dod (.+ 361.30 / 8% * ! #G.+ 2 8 (
)*# 67"8(% (@@
WTI Crack 5:" 3H : F.+ US$35.02/barrel A +0.70% dod
M &3H" 6 :-# : )j # 8Q) F.+ US$1.065/Q
+0.50% dod (.+ US$1.060/Q :8+*,>5.+ 6 8 (,''**,#
" 0 @)(#? @.!:A5.+:@ 'j
L"
!#4&3H : )&+ A# CBOT #*!A :..F.+ US$14.45/bushel
A +0.80% dod (.+ US$14.34/bushel !,>5()*# ) A+6
,*8Q,#" (#? @.!:@ '&+ A#

NYMEX &"?#& 2 : )5M NYMEX #*!A
.). 2554 F.+ 29.18 -Q / Q A -1.4% dod (.+ 29.59 -Q / Q .M@!
+M! 2 Q #*)*5M % )? ? 85M .+% (@'#)*#&>#
4.2
L-:#-#
4 9-L-:
-45:" 3H 2

1. Bloomberg Asia Pacific Coal Index F.+ 830.76 ( A -0.70% (.+ 837.02
(
2. )&8 # Rotterdam #*!A .. 2554 F.+ US$128.05/
# -0.1% dod (.+ US$128.20/
3. )&8 # Richard Bay #*!A .. 2554 F.+ US$119.60/
:8+*,>5 +0.3% dod (.+ US$119.20/
4. )&8 # Newcastle #*!A .. 2554 F.+ US$123.15/
:8+*,>5 +0.4% dod (.+ US$122.70/
14
www.kimeng.co.th
5 2554
NYMEX Crude Futures
COMEX Gold Future

1,900
150
140
1,700
130
120
1,500
(US$/ounce)
(US$/barrel)
110
100
90
80
70
1,300
1,100
60
50
900
40
30
8/29/11
7/28/11
6/28/11
5/27/11
4/26/11
3/25/11
2/23/11
1/24/11
12/23/10
9/21/10
11/22/10
8/20/10
10/21/10
7/21/10
6/21/10
5/19/10
4/19/10
3/18/10
2/16/10
1/15/10
12/14/09
9/10/09
11/12/09
10/12/09
6/9/09
8/11/09
5/7/09
7/10/09
4/6/09
3/5/09
6/3/11
8/26/11
7/15/11
4/21/11
3/10/11
1/27/11
11/3/10
12/16/10
9/22/10
8/11/10
4/6/10
6/30/10
5/18/10
2/23/10
1/12/10
9/3/09
11/27/09
10/15/09
7/23/09
6/10/09
2/2/09
4/28/09
3/16/09
11/7/08
12/19/08
7/3/08
9/26/08
8/15/08
Source: Bloomberg
2/3/09
1/2/09
700
20
Source: Bloomberg

!"#3#4#9

""
-4:#
78 934-'" 4
!"#&&,>: 0#( ,(##

,#"1 .+/* #)*+#9:*,#67"8("1 *8+#,>5 #8./ (
8.:Q+# , Safe Haven # Q"1, + *&>#.#)M0 @:O!@@
1. Yen/US$: )#8*A+.!! Q"1 !*0,S#)G0! 3 .M
0.16% dod F.+ 76.77 /US$ 0 @5 #8) # -A5,.+ Yen76.83 /US$
2. US$/Euro: #8'%.!! Q"1 ) #G.+ 4 0.38% dod F.+
US$1.4203/euro 5 )#8'%) #A+# -A5,.+ US$1.4146/euro
3. US$/GBP: #8Q#7.!! Q"1 F.+ US$1.6216/GBP G0
! 4 .M 0.22% dod 0 @5#8Q#7) # -A5,.+
US$1.6162/GBP
4. THB/US$: )#8!. on shore *A+6Q0,S#) 0.17% dod F.+ 29.91 !./US$ 0*#8
Q(@0,S#).!!'%S* .5##8./ ( /. )(@,:
5 :A+'.86.# #.@@>+# .M#8!./.0,S#)*A+6Q
5)#8!.) ##S -A5,.+ 29.94 !./US$
5
'3 Safe Haven A
)1M(51)(L
Thai Baht - US Dollar
US Dollar Index
95
35.00
34.50
90
34.00
33.50
85
(THB/US$)
33.00
32.50
80
32.00
31.50
75
31.00
30.50
70
30.00
29.50
Source: Bloomberg
22-Jul-11
25-Aug-11
20-Jun-11
12-Apr-11
17-May-11
9-Mar-11
31-Dec-10
3-Feb-11
26-Nov-10
25-Oct-10
18-Aug-10
21-Sep-10
15-Jul-10
10-May-10
11-Jun-10
6-Apr-10
29-Jan-10
3-Mar-10
24-Dec-09
19-Oct-09
20-Nov-09
15-Sep-09
5-Jun-09
9-Jul-09
12-Aug-09
4-May-09
30-Mar-09
24-Feb-09
21-Jan-09
12-Nov-08
16-Dec-08
9-Oct-08
4-Aug-08
5-Sep-08
1-Jul-08
8/18/11
6/6/11
7/12/11
4/27/11
3/17/11
2/9/11
1/5/11
11/25/10
10/21/10
9/16/10
7/5/10
8/10/10
5/31/10
4/23/10
2/9/10
3/16/10
1/5/10
11/25/09
9/15/09
10/20/09
8/10/09
7/2/09
65
5/27/09
29.00
Source: Bloomberg
15
www.kimeng.co.th
5 2554
J++"# 4: ?

"$
-#
Consensus

3+:4
J++F#
#!@*TA .). ,#8
)?'? 8A .). ,#'
(##9)7A .). ,#"1
##A .). ,#"1
.+ 2 ..
EUR4.0 bn
5.9% yoy
117K
9.1%
6.1% yoy
95K
9.1%
PMI Composite A .). ,#'

)*A+*+ #.A .. ,#'
, GDP 2Q54 ,#'
.+ 5 ..
51.1
-13.5
0.2% qoq
5M67"8(A .). ,#+

? ? 89)*A .). ,##7
? ? 89)*A .). ,#*
BOJ Meeting
.+ 7 ..
103.2
0% mom
-1.1% mom
0.1%
105.9
-
# Beige Book ,#

!8@:A .). ,#+
+#-A5)A+#(A .). ,#+
.+ 8 ..
JPY526.9 bn
17.9%
JPY 1213.5 bn
8.6% yoy
BOE Meeting
ECB Meeting
)A .). ,#"1
,8##)5#0Q,#"1
0.5%
1.5%
-US$53.1 bn
-
0.5%
1.5%
-US$49.8 bn
-
8A+:A+!8%9)A .). ,#"1

#8A .). ,#(
)?'? 8A .). ,#(
? ? 8*A .). ,#(
US$15.5 bn
6.5% yoy
7.5% yoy
14% yoy
US$4.0 bn
6.1% yoy
7.2% yoy
13.8% yoy
-0.3% qoq
37
2.3% yoy
0.3% qoq
US$31.48 bn
20.4% yoy
US$25.40 bn
21.7% yoy
22.9% yoy
20.9% yoy
, GDP 2Q54 ,#+

)*A+*+?'!8%9)A .). ,#+
#8A .). ,#*
, GDP 2Q54 ,#8
)A .). ,#(
#A .). ,#(
.+ 6 ..
.+ 9 ..
.+ 10 ..
M,A .). ,#(
-EUR6.9bn
6.1% yoy
0
9.1%
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67,000
100,000
12,000,000
40,000
40,000
20,000
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100,000
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0.84
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16.70
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Key Market's Holiday

Sep
Mon
Tue
Wed
Thu
Fri
13
14
15
16
US: Labor Day

12
CH: Mid-Autumn Festival
SK: Harvest Moon Day
TA: Mid-Autumn Festival

SK: Harvest Moon Day
HK: Day After Mid-Autum
Note
US =
TH =
United State of America

Thailand
HK =
JP =
Hong Kong
Japan
CH =
SK =
China
JA =
Jakarta
South Korea
PH =
TA =
SP =
Taiwan
Singapore
Philippines
IN =
India
19
www.kimeng.co.th
5 2554
Stock Calendar ( 5 September 2011)

Monday
Tuesday
5
PRG : XD @ 2.25
Wednesday
6
ASP : XD @ 0.08
BAY : XD @ 0.35
7
BBL : XD @ 2
KK : XD @ 1
CK : XD @ 0.1
CSL ':8+*. 58,461
(0 #9: Warrant
(ESOP) (1:1.58005 @ 2.265)
KBANK : XD @ 0.5
PTT : XD @ 6
12
MSPF : XD @ 0.3224
13
BANPU : XD @ 9
Thursday
1
AYUD : XD @ 0.50
EGCO : XD @ 2.50
SPORT : XD @ 0.08
FSS : XR (M
128,912,628 2.5:1 @ 1.60
Friday
2
EASTW : XD @ 0.12
SCB : XD @ 1
SCB-P : XD @ 1
8
SMIT : XD @ 0.1
THRE : XD @ 0.2
KSL-W1 : 0(#8.O8 8-14
.. 54 (1:1@10.00)
9
BCP : XD @ 0.65
14
UOBKH : XD 1: 0.42
15
16
TOP : XD @1.30
19
20
UAC : XD @ 0.0167 (20:3
s? )
CGD : XR (M
3,909,747,803 1:1.6 @
1.00
EARTH : XW (M
444,542,535 5:1
21
22
26
CCP : XW (M
155,000,000 2:1
THANI: XR (M
904,853,240 1:1 @ 1.52
27
LL : XW (M 780,000,000

LL : XR (M 780,000,000
1:1 @ 0.25
SSI : XR (M
2,250,000,000 11,000 :
1
SUPER : XR (M
157,277,223 3:1
28
29
23
L&E-W2 : 0(#8.O8 23-29
.. 54 (1:1@7.40)
30
20
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5 2554
Disclaimer
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5 2554
THAI INS TITUTE O F DIR ECT O RS ASSO C IATIO N (IO D) C O RPO RATE G O V ERN ANC E REP O RT RATING 2010
AC L
AD VANC
ASIM AR
BAFS
BAN PU
BAY
BC P
BEC L
BKI
BLS
CPN
DRT
EG CO
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GC
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HEM RAJ
ICC
IRP
IRPC
KBANK
KEST
KK
KSL
KTB
NC H
NK I
PTT
PTT AR
PTT CH
PTT EP
RA TCH
SAM ART
SAM TEL
SAT
SC
SC B
SC C
SC IB
SE-ED
SIM
SIS
SN C
SSI
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T HR E
T IPCO
T ISCO
T MB
TOP
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Score Range
90-100
80-89
70-79
60-69
50-59
Lower than 50
Num ber of Logo
D escription
Excellent
Very G ood
G ood
Satisfactory
Pass
N/A
AC AP
AH C
AKR
AM ATA
AO T
AP
ASK
ASP
AYUD
BBL
BEC
BG H
BH
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BM CL
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CG S
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CK
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SYN TEC
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TF
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TN ITY
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TVO
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BLAN D
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Source: IO D
BRO C K
BSBM
CCP
CHU O
CM R
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DM
DSG T
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FO C US
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20-21
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5  2554

Strategist Team KimEng

HOLD: MINT/ BBL/ TCAP/IRPC/ BANPU/ PTT/ TOP/ PTTCH/ RCL/THAI

Thailand Equity Research

Thailand Equity Research

Inside Yip Ngen Yip Tong

Thailand Equity Research

Action and Stock of the Day

'%>#3#43  5!"#46-4q #4

Thailand Equity Research

%(),##(*$$DE +(. A  $%.B  

Thailand Equity Research

Fund Flow Analysis

Foreign Investors Action 

*+   584 '

1+ 1,068 '

*A+)*+#8 85OT@,#%@.,>5*)5# 0 @ SET Index ,!,>5*#

Thailand Equity Research

Foreign Brokers and Top Retail Brokers Position

Net Position (mnTHB)

Source: SET SMART

Regional Foreign Fund Flow

WORLD EQUITY MARKET MOVEMENT

HO CHI MINH INDEX

THAI STOCK MARKET MOVEMENT

Note: Updated @ 7.30 a.m.

Thailand Equity Research

NVDR Trading Data by Stock

Top 20 Net SELL

Top 20 Most Active

Thailand Equity Research

$G7:+ - 4:F, :F

&!#8, 17 0# &'"! "1 ##: /0 JPMorgan Chase&Co, BofA,

7 #   %h>9 4&

Thailand Equity Research

M"4$ :  44:5:" 3H 5 5

Italy : CDS Spread 5Yr Bond

) M% .: ##.+:8+*,>5&># 11.9% yoy .!!A.+ +10.7% yoy 0 @

Thailand Equity Research

 Jun Azumi ' .

Thailand Equity Research

LIBOR 3M = F.+ 0.3306%  # 0.40bps (:8+*,>5 0.22bps

5 Ted Spread F.+ 0.3153%  # 0.07bps (

Thailand Equity Research

"43#4 $ 5:" 3H'9?#& 5  : CDS Spread ,#@.6/.

 ) )(L A5 3I& F

CDS Spread 3#478 5:"

3H' " 3: CDS Spread  5 d,#"1 F.+ 52.08bps

Thailand Equity Research

Fed Fund Rate Futures

INDEX &' " 2 :-#: *' )-A5,!!#A+#(G.M

Thailand Equity Research

Foreign Net Position in TFEX

Source: SET SMART

Monthly Acc. Positions

Customer Type Breakdown in SET&MAI

8  &  )+  R7  

:& NYMEX &

Thailand Equity Research

NYMEX Crude Futures

COMEX Gold Future

78 934-' " 4 

5 2554

'%>#3#43 5!"#46-4q #4

%(),##(*$$DE+(. A $%.B

Foreign Investors Action

*+ 584 '

1+ 1,068 '

A+)+#885OT@,#%@.,>5)5# 0 @ SET Index ,!,>5#

$G7:+ - 4:F, :F

&!#8, 17 0# &'"! "1 ##: /0 JPMorgan Chase&Co, BofA,

7 # %h>9 4&

M"4$ :44:5:" 3H 5 5

) M%.: ##.+:8+*,>5&># 11.9% yoy .!!A.+ +10.7% yoy 0 @

Jun Azumi ' .

LIBOR 3M = F.+ 0.3306% # 0.40bps (:8+*,>5 0.22bps

5 Ted Spread F.+ 0.3153% # 0.07bps (

"43#4$5:" 3H'9?#& 5 : CDS Spread ,#@.6/.

))(L A5 3I& F

CDS Spread 3#478 5:"

3H'" 3: CDS Spread 5 d,#"1 F.+ 52.08bps

INDEX &'" 2 :-#: *' )-A5,!!#A+#(G.M

8 & )+ R7

:& NYMEX &

78 934-'" 4

!"#&&,>: 0#( ,(##

J++"# 4: ?

PMI Composite A .). ,#'

5M67"8(A .). ,#+

# Beige Book ,#

8A+:A+!8%9)A .). ,#"1

, GDP 2Q54 ,#+

M,A .). ,#(

" : Bloomberg, ., SET

:.: :86 #'

Q8)/:,'js#@,#"#Q.+? #? #@69@zz8

##3(( *